6th May 2016 06:41
LONDON (Alliance News) - Miner Rio Tinto PLC on Friday said it and its partners have approved the development plans for the Oyu Tolgoi underground copper and gold mine in Mongolia.
Rio said the development of the mine will start in mid-2016 following the approval by the London-listed group and its partners, the Mongolian government and Turquoise Hill Resources.
The approval covers the USD5.3 billion investment the partners will make in the project and comes after all necessary permits to start work were received.
First production from the underground mine is expected to start in 2020, Rio said.
"Rio Tinto's partnership with Mongolia began over a decade ago and we are proud of what we have already achieved in building a world-class and safety-focused operation which has already been selling copper for nearly three years. Today's investment takes it to another level and will transform Oyu Tolgoi into one of the most significant copper mines globally, unlocking 80 per cent of its value," said Rio Deputy Chief Executive Jean-Sebastien Jacques.
By Sam Unsted; [email protected]; @SamUAtAlliance
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